A U.S. Navy guided missile destroyer (USS Spruance) intercepted an Iranian-flagged cargo ship (Touska) attempting to cross the Strait of Hormuz by blowing a hole in its engine room and boarding the ship with marines rappelled from helicopters. In response, Iran’s Foreign Ministry declared the attack an act of “piracy” and stated Iran has no plans to attend a second round of peace talks with U.S. officials in Islamabad.
Over the weekend, the Institute for the Study of War reported that in a “silent coup” Iran’s Islamic Revolutionary Guard Corps (IRGC) has seized de facto control of the country’s military, diplomatic and negotiating strategies, sidelining moderate leaders such as Foreign Affairs Minister Abbas Araghchi and President Masoud Pezeshkian. IRGC Major General Ahamad Vahidi and his inner circle are now in control of Iran’s hardline stance, including reinstituting Iran’s Hormuz blockade, derailing planned peace talks and intensifying U.S. confrontations.
In India’s second largest gold-buying festival of the year (Akshaya Tritiya), gold demand remained tepid as record prices (up 63% from the ’25 festival) curbed jewelry purchases, more than offsetting a modest uptick in investment demand. Reuters reports Indian dealers were quoting prices ranging from $4/oz discount to $14/oz premium (inclusive of 6% import and 3% sales levies), far less than premiums typically quoted during Akshaya Tritiya. PN Gadgil CEO Amit Modak observed, “The sharp rally in prices curbed jewelry demand. In volume terms, buying was lower as consumers held back, though in value terms spending was higher due to elevated prices.”
Sibanye-Stillwater is partnering with the South African Nuclear Energy Corporation to develop a radioactive isotope derived from rhodium for use in advanced, targeted cancer treatment. The project focuses on producing Palladium-103 from rhodium, which is used in brachytherapy to deliver radiation to localized tumors (such as prostate cancer) while minimizing damage to healthy tissues. The initiative is part of Sibanye’s broad strategy to develop new, high-value applications for its metals beyond traditional automative uses.
Tokyo Electric Power (TEPCO) announced resumption of commercial operations at Unit 6 of its Kashiwazaki-Kariwa Nuclear Power Station as of 4/16. Unit 6 has an output capacity of 1,356MW, and the total plant has seven units with total capacity of 8.21GW, making it the world’s largest nuclear power station by capacity.
Euro Stoxx 50 -1.4%, S&P futures -0.45% and Nasdaq futures -0.4%. European bonds ticking lower with yields up 3bps-5bps across the board. 10-year Treasury yield +1.2bps (4.260%). DXY dollar index +0.1%, spot gold -0.4% and spot silver -1.3%. Brent futures +5.0% ($94.84) and WTI futures +5.7% ($88.64). [8 am ET]Interested in getting potential access to private placements with Miners and Junior Miners? Plus, get exclusive videos, articles and market commentary on the sector for free? Join our Wealthion Real Assets Community now by clicking below.